Originally posted 2014-12-15 11:00:04.

 

money laundering

By Chloe Coska | amdlawgroup.com

In regards to Banco Espírito Santo SA recent investigation, US Banks may in the near future face Money-laundering investigations and sanctions at an international level. Indeed, in this week’s news the Miami-based Bank is currently being investigated by the New York prosecutor and the Federal Grand Jury’ as they are trying to determine whether the bank unit was used to launder money. Moreover, the Bank is facing money-laundering allegations in Switzerland, Libya and Portugal. Money-laundering is a serious concern and has been enforced by many countries. This is the result of the international pressure to fight against this plague and also being scrutinize by international institutions. Countries now pay great attention to their reputation. In that regard, there is a heighten risk for global corporations to face Anti Money-laundering enforcements, according to David Chenkin, managing partner at law firm Zeichner Ellman & Krause LLP.

Banks are now need to be prepared to reinforce their Anti Money-Laundering programs; they are somewhat prepared as they already have programs to model the US regulation but they also trying to implement and improve their global programs to comply with diverse countries regulations. However, there is still a long way to go, as putting these policies into practice is more difficult than planned. According to the report, one third of the respondents working in a bank with a global policy said they could actually maintain consistency across global operations. This sure does not look good in the eyes of the foreign regulators. Banks will have in the future to focus on improving their global policies regarding to money-laundering if they do not want to face more and more sanctions.

Resources:

http://blogs.wsj.com/riskandcompliance/2014/12/03/the-morning-risk-report-money-laundering-concerns-go-international/

Image credits: http://www.cues.org/article/view/id/Anti_Money-Laundering

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